Business
C’River ‘ll become largest cocoa producer in Nigeria soon – CFAN President
C’River ‘ll become largest cocoa producer in Nigeria soon – CFAN President
NATIONAL President of Cocoa Farmers Association of Nigeria (CFAN), Mr Adeola Adegoke, has said that Cross River will soon become the largest producer of cocoa in Nigeria.
Adegoke stated this at the inauguration of the Executive Committee of CFAN in Cross River’s, on Friday in Calabar.
According to him, Ondo State is presently known to be the largest producer of the crop in the country.
He said that the average age of a cocoa farmer in the state was between 55 and 60, describing this as an ageing population.
Adegoke said that Cross River had the potential in massive land and forest for cocoa farming, coupled with the youthful population cultivating the crop in the state.
Though the CFAN national president acknowledged the potentials, he, however, said that the state had to tap into them to succeed, as cocoa alone could run the state’s economy effectively.
“Enough of talking about cocoa estates established by the old Eastern Region. We need to start establishing new estates now.
“We want to see nothing less than 1,000 hectares of new cocoa estates established by the state.
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“Enough of export of raw cocoa beans. We need to start adding value and coming up with cocoa wines, biscuits, sweets and soaps that we can consume and export.
“We cannot prosper by just exporting raw cocoa beans. It is, therefore, important for the state government to be deliberate in infrastructural development in cocoa farming communities,’’ he said.
Adegoke also stressed the need for extension services in the state through innovation.
He urged CFAN members to repay the loans they collected from government and also pay their annual dues to the association.
The CFAN national president disclosed that in 2024, the Third Cocoa Festival would be held in Calabar.
On his part, Gov. Bassey Otu, represented by Secretary to the State Government, Prof. Anthony Owan-Enoh, said that the state would do all within its powers to ensure that cocoa farmers got all the necessary inputs.
According to him, the state has been shortchanged for so long because it produces cocoa but doesn’t get the necessary recognition.
“Others come to the state to buy their cocoa but at the end, it is not counted for Cross River as the producing state.
“Going forward, Cross River will produce, sell and export, because we have the capacity and the farmers will get maximum yields for their investments.
“I will have a private meeting with the newly-inaugurated chairman of CFAN in the state, where he will table the concerns of the farmers so we can chart a new course for the sector,” he said.
In his remarks, the new CFAN chairman, Dr Ramsey Tiku, said that cocoa remained the mainstay of the state’s econony.
According to him, if cocoa development is relegated, the state will be relegating the development of its people.
Tiku said that CFAN would partner with different groups and ministries to create an action plan that would add value to cocoa production in the state.
While thanking members of the association for the confidence reposed in him, he stressed the need for them to start looking at the regeneration of cocoa estates in the state and how to generate data for farmers.
C’River ‘ll become largest cocoa producer in Nigeria soon – CFAN President
(NAN)
Business
Finally, NERC unbundles TCN, creates new system operator
Finally, NERC unbundles TCN, creates new system operator
The Nigerian Electricity Regulatory Commission (NERC) has set up the Nigerian Independent System Operator of Nigeria Limited (NISO) as it unbundles the Transmission Company of Nigeria (TCN).
The transmission leg of the power sector has over the years been seen as weakest link with obsolete equipment.
The unbundling announcement is contained in an Order dated April 30, 2023 and jointly signed by NERC chairman, Sanusi Garba, and vice chairman, Musiliu Oseni.
By this order, the TCN is expected to transfer all market and system operation functions to the new company.
The commission had previously issued transmission service provider (TSP) and system operations (SO) licences to the TCN, in accordance with the Electric Power Sector Reform Act.
The Electricity Act 2023, which came into effect on June 9, provided clearer guidelines for the incorporation and licensing of the independent system operator (ISO), as well as the transfer of assets and liabilities of TCN’s portion of the ISO.
In the circular, the commission ordered the Bureau of Public Enterprises (BPE) to incorporate, unfailingly on May 31, a private company limited by shares under the Companies and Allied Matters Act (CAMA), 2020.
NERC said the company is expected “to carry out the market and system operation functions stipulated in the Electricity Act and the terms and conditions of the system operation licence issued to the TCN.
“The name of the company shall, subject to availability at Corporate Affairs Commission, be the Nigerian Independent System Operator of Nigeria Limited (“NISO”),” NERC said.
Citing the object clause of the NISO’s memorandum of association (MOU) as provided in the Electricity Act, NERC said the company would “hold and manage all assets and liabilities pertaining to market and system operation on behalf of market participants and consumer groups or such stakeholders as the Commission may specify.”
Business
Naira depreciates again, trades at N1,402/$
Naira depreciates again, trades at N1,402/$
The Nigerian currency, naira, on Thursday slightly depreciated at the official market, trading at N1,402.67 to the dollar.
Data from the official trading platform of the FMDQ Exchange, a platform that oversees the Nigerian Autonomous Foreign Exchange Market (NAFEM), showed that the naira lost N11.71
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This represents a 0.84 per cent loss when compared to the previous trading date on Tuesday April 30, when it exchanged at 1,390.96 to a dollar.
However, the total daily turnover increased to 232.84 million dollars on Thursday, up from 225.36 million dollars recorded on Tuesday.
Meanwhile, at the Investor’s and Exporter’s (I&E) window, the naira traded between 1,445.00 and N1,299.42 against the dollar.
Naira depreciates again, trades at N1,402/$
Auto
Appeal court takes over NURTW case as NIC withdraws
Appeal court takes over NURTW case as NIC withdraws
The National Industrial Court has withdrawn from a case involving Alhaji Najeem Usman Yasin, Board of Trustees chairman of the National Union of Road Transport Workers (NURTW), and Alhaji Tajudeen Ibikunle Baruwa’s ambition to return as president of the union over lack of jurisdiction.
The industrial court’s decision was made to avoid conflict with the Court of Appeal, where the matter is already being heard.
Before the NIC announced its decision to hands-off the case, the defendants’ counsel, Mr. O.I. Olorundare SAN, had informed the court that the matter is currently before the Court of Appeal, Abuja division, and that the industrial court could not continue to adjudicate on the same matter.
The counsel cited authorities to support his claim, adding that the National Industrial Court does not have concurrent jurisdiction with the Court of Appeal.
The presiding judge, O.O. Oyewunmi, struck out the case, stating that the Appeal Court had taken over the matter and that the Industrial Court must respect the hierarchy of courts.
Alhaji Yasin and six others took the case to the Appeal Court, challenging the decision of the industrial court recognising a delegates’ conference held on May 24, 2023, where Baruwa was proclaimed as President of the union for a second term in office.
With the latest NIC judgement, both parties will now proceed to defend their positions at the Court of Appeal and await the final judgement.
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